China Airlines Ltd (CAL, 中華航空), the nation’s largest carrier, made a record profit in the third quarter on rising cargo shipments and increased travel across the Taiwan Strait.
Net income was NT$3.76 billion (US$123 million) in the three months ended Sept. 30, compared with a loss of NT$2.62 billion a year earlier. The profit, derived from nine-month earnings reported by the Taipei-based company yesterday, trailed the NT$4.99 billion average of three analyst estimates compiled by Bloomberg over the past four weeks.
The company’s third-quarter sales soared 50 percent from a year earlier to NT$36.9 billion, based on monthly sales reports.
Nine-month net income was NT$10 billion, compared with a loss of NT$4.99 billion, a year earlier, CAL said in an exchange filing yesterday.
CAL expects record profits for this year as cargo volumes have doubled and travel increased between Taiwan and China, Philip Wei (魏幸雄), the carrier’s 68-year-old chairman, said in an interview in Taipei yesterday.
EVA Airways Corp (長榮航空) reported on Friday that its nine-month net income totaled NT$11 billion, compared with a loss of NT$3.9 billion a year earlier.
“The Taiwan airlines are reporting strong earnings, because of the mainland factor, with flights across the strait being the golden routes,” Polaris Securities Co (寶來證券) analyst Peter Tzeng (曾耀德) said before the earnings release.
Shares of CAL fell 1.4 percent to close at NT$24.85 in Taipei trading before the earnings announcement. The shares have more than doubled this year, the Taiwan Stock Exchange’s data showed.
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